The price of Ethereum falls to the support level at $3520

Ethereum chart analysis

The price of Ethereum has been in a pullback since Tuesday. After we climbed to $3679 on Tuesday, there was a stop there, and the price started a bearish consolidation. Wednesday first brought us a jump to the $3664 level, then a pullback to the $3460 support level. We saw a recovery and bullish consolidation on Thursday up to $3610.

This is where we make a lower low compared to the previous ones, increasing the pressure on the price to start a new pullback. This happened this morning with a drop to the $3550 support level. After that, a new consolidation that did not last long. The break below pushed Ethereum to a daily low of $3515. Here, we meet the EMA200 moving average and expect some consolidation or support.

Should we expect a continuation of the bearish trend of the Ethereum price below $3400?

If we do not get EMA200 support, a drop below and a strengthening of the bearish momentum of the price of Ethereum will follow. Watching how the price will behave at the $3500 level will be interesting. The volatility will see it slip below and test the support zone from Wednesday. Potential lower targets are $3480 and $3460 levels.

For a bullish option, we need EMA200 support first. After that, we can start a bullish consolidation in order to climb above the $3580 level. That could push the price to test the $3600 level. Depending on the bullish impulse, the price would have the opportunity to jump over that level and continue further growth above. Potential higher targets are the $3620 and $3640 levels.

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